Bitget Daily Digest: Market Volatility Amid Tariff Rumors and Token Unlocks

Today’s Bitget Daily Digest highlights significant market volatility triggered by unverified reports of potential tariff suspensions, alongside key economic data releases and a major token unlock event. Below is a detailed summary of the latest developments impacting the crypto and financial markets.

Bitget Daily Digest (April 8) | Tariff Rumors Spark Market Volatility

The U.S. NFIB Small Business Optimism Index for March is set to be released today, with expectations at 99. Additionally, Tensor will unlock 120 million TNSR tokens, accounting for 12.64% of its total supply. On April 7, an unverified report claiming Trump is considering a 90-day tariff suspension for certain countries sent the Nasdaq soaring 10% and briefly pushed BTC to $81,000, causing significant market volatility. The White House later denied the claim, calling it ’fake news,’ and Trump reiterated that he had no plans to suspend his ’reciprocal tariffs’ policy.

Bitget to Burn $120 Million Worth of BGB Under New Quarterly Mechanism

Bitget has announced plans to burn $120 million worth of its native token, BGB, under a new quarterly mechanism. For the first quarterly burn of 2025, the crypto exchange will burn more than 30 million BGB. The exchange has recently updated its burn mechanism to consider more of its on-chain usage. The new mechanism uses a utility-based model to calculate the amount of BGB to burn, directly linking quarterly burn volumes to the amount of BGB paid to on-chain gas fees through the firm’s GetGas accounts. In Q1 2025, approximately 6,943 BGB were added to the GetGas accounts, prompting the burn of 30 million BGB this quarter.